The Art of Downsizing
by Cathy Hobbs, Tribune News Service
September 4, 2016
“These days, for many homeowners, bigger isn’t always better. Many Americans are opting for minimalism and smaller homes over mega mansions and extravagance. Whether you prefer a small, cozy home over a larger, more cavernous one, are an empty nester or just prefer to live a more minimal lifestyle, downsizing is a current trend not only in real estate, but also in home decor.
HOW TO DOWNSIZE?
Downsizing can mean anything from living surrounded by fewer things to living in a smaller dwelling. Regardless, the approach is the same: Focus on what matters to you most. In many instances people purchase larger homes in which they are only using a part of it. Unused spare bedrooms, empty rooms and underused sections of a home, some may consider wasted space. Downsizing means eliminating waste and paring down.”
Cathy Hobbs, based in New York City, is an Emmy Award-winning television host and a nationally known interior design and home staging expert with offices in New York City, Boston and Washington, D.C. Contact her at firstname.lastname@example.org or visit her website at www.cathyhobbs.com .
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The Surprising Costs of Downsizing Your Home
by Jane Bennett Clark
“When I look at my retirement stash, I have to admit it’s kind of small. When I look at my house, I realize it’s kind of big. And when I consider the two together, I think that maybe I should downsize and use the equity in my house to buy a condo or add to my retirement savings and rent.
Downsizing isn’t for everyone, but it’s one of the few strategies — along with working longer, delaying Social Security or spending less later in retirement — available to near-retirees who find themselves short on retirement savings and don’t have time to catch up, says Steven Sass, of the Center for Retirement Research at Boston College. ‘The house is a major source of people’s savings. If you don’t want to work longer or give up eating out in retirement, downsizing should be part of the plan.'”